Market Updates

Most Bayside locals would be familiar with the major residential and commercial changes along eastern and central section of Bay Road, Sandringham over the past decade. With ALDI and iSelect moving into the area during this period, and with the building of several multi-level residential apartment blocks east of Bluff Road, more people are now living, working and shopping in the precinct called the Bayside Business District (BBD).

Also known as the Bayside Business Employment Area, the BBD started out over a decade with the rezoning of over 100 hectares of industrial and commercial land along Bay Road, Reserve Road, Tulip Street and other key transport routes. At the same time, Nichols Crowder, a leading commercial and industrial real estate company across the Bayside to Peninsula region, marketed and sold several major commercial and industrial development projects.

Nichols Crowder has now completed a study on the impact of the BBD on the local area. The report examines the reasons behind the rezoning; analyses the effects of the rezoning on the local area and on land prices; and, discusses how commercial and industrial usage has changed in the BBD over the past decade. Of note has been the declining size of warehouses as usage moves away from manufacturing to services and storage, while prices increased steadily per square metre on strong demand from around $120 per square metre in year 2000, and now exceeding $1,000 per square metre in 2017, depending on the size, position and zoning.